Multi-billion LBDA mall to finally open after years of wait

The Lake Basin Mall in Kisumu. The mall was facing auction over a Sh4 billion bank loan, but Treasury bailed it out. [Collins Oduor, Standard]

The Sh4.2 billion Lake Basin Mall that was facing the hammer because of a loan is finally out of the woods and is expected to open soon.

The National Treasury shouldered the Sh4 billion bank loan.

The Standard yesterday established that the mall is expected to be opened on February 28 after several months of delay.

Arguably the biggest in western Kenya, the mall has been projected to raise about Sh230 million annually as tenants rush to occupy it.

With over 30 per cent of its premises already leased out, the mall is set to transform the economy of the region.

When The Standard visited the mall yesterday, there was a beehive of activity as tenants refurbished their shops in readiness for the grand opening.

Measuring about 60,000 square feet, the five-floor mega investment has about 140 shops, a three-star hotel, showrooms, and a parking area that can accommodate 335 cars.

Evans Atera, the acting managing director of the Lake Basin Development Authority, said his organisation was working on the final plans to open the mall.

Dr Atera noted that several tenants had expressed an interest in the mall, whose construction has already seen a lot of development in nearby Mamboleo and its environs.

The Communications Authority, Bata Shoe Company, and Best Western are among the tenants who have already booked space at the mall.

Last year

Godfey Mwangi, an engineer in charge of technical services, said the mall was ready for occupation last year.

“We are glad that the mall is now set to benefit the public,” said Mr Mwangi.

By Fred Kagonye 2 months ago
News
Terry Ramadhani appointed as KEMSA new CEO
By Standard Team 4 months ago
News
Premium Fuel shortage in Kenya bites
By Macharia Kamau 4 months ago
News
Normal fuel supply to be restored this week
By Macharia Kamau 4 months ago
News
Juliana Rotich to head Safaricom's fintech integration unit